Contemporary Management Issues in the 21st Century project 1

This project report explores the concept of entrepreneurship and its importance in the global business environment. It discusses the role of effectuation and causation in business formation, the challenges and opportunities of innovation, and the importance of marketing and financial decision-making in entrepreneurial ventures. The report also highlights the importance of developing effective alliances and adopting innovative means for marketing and promotion.

Contemporary
Management Issues

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship refers to business concept that focuses on exploring innovation as well as
creativity for business (Bouchet and Sobry, 2019). It present scenario, entrepreneurship is an
important par in corporate trends and emerging as a trends which is providing support to
enthusiast of business with essential offering as well as services. It helps business to solve
problems and needs of customers in marketplace. This essay consist analysation of different
aspects of an research by Sarasvathy which contain an article about Causation and Effectuation.
Moreover, it discusses development of new business entities in contrast to traditional institution
which is supported by insightful business illustration.
MAIN BODY
Entrepreneurship refers to a concept which promote creativity, innovation as well as
differentiation in an enterprise with providing quality products and service in market domain
(Chaturvedi and Karri, 2020). It can be noted that inside business, there are various conflicting
debates, argument as well as viewpoints in context to individual opinion and perspective related
to entrepreneurship. In opinion of Saravathy, effectuation and causation are major components
which provide basic formation to business. Causation is a phenomena where individual is getting
pre set effects and also needs to select upon most suitable and appropriate driver that is to be
consider by them for purpose of facilitation business operation. Effectuation on the other hand
refers to a process where individual is facilitated with preset means. In this, they needs to choose
or select most suitable and apt effect that is favourable for them to run particular operation of
funds in their work.
Causation is most suitable in situation where entrepreneur emphasis on knowledge, on
the other hand effectuation is more suitable in situation where entrepreneur prefers to capitalise
different opportunities (Christensen, Just and Muhr, 2020). Causation is assisting for analysing
predictability of organisation for identified uncertain future of business. It can be based on
concept competencies of a venture for purpose of controlling an uncertain situation or events
which is depended on ability of company to predict a specific event. Effectuation is beneficial for
a company for purpose of identification of different aspect that can be controlled in an
unpredictable and uncertain event. It is following an assertive approaches that is reflecting upon
an idea and degree to which an enterprise it able to control environment and surrounding in

which they are operating. They are also able to cope up uncertain future which is connect with
that environment.
There are different types of entrepreneur venture which has their own policy, procedure,
values, base that are adopted by company for purpose of sustainability and survival in
marketplace. There are different entrepreneurial venture that are based on effectuation and there
are some which are based on causation (Garnyk and Sheianova, 2018). Adoption of effectuation
as well as causation is depended on skills and mindset of an entrepreneur and their ways of
operating business. In past times, entrepreneur was considered as an untapped concept and an
individual was not making attempt for exploring things like people in today's time. It can
happened as people are not eager for purpose of taking risk for running a business. Companies
are choosing causation method for purpose of setting up as well as operating in business
organisation. With changing time, entrepreneur are becoming more resilient, passionate and
confident about their business which helps them to be prepare for taking more risk in business
and attain desired position in marketplace.
There are various issues occur in business related to innovation which create challenges for them
to get success in market. Innovation is an important aspect and is part of modern
entrepreneurship concept. It create issues for various reason as employees are not empowered for
purpose of adoption of innovation. It is important for managers to motivate employees for
purpose of adoption of innovation. Entrepreneur also needs to develop an innovation strategy
which is in order to effectively adopt innovation in their organisation. Innovation can sometimes
fails due to lack of coordination of team members in organisation or due to lack of diversity.
There are some other reasons lack of relatedness of products with customers and others which is
to be identified by entrepreneurs.
In order to adopt innovation, entrepreneur can adopt Blue Ocean Strategy which can be designed
as untapped market space, create demand, opportunity or purpose of profitable growth. It is the
market which can de developed from red ocean with expansion of existing industry space which
is go beyond its boundaries or in a new market. Value innovation is core theme for this theory
which is equally emphasis on values as well as innovation and also helps to break competition. It
is one of strategy which is adopted by organisation in order to overcome of competition factor
present in market.

One of most important concept in today's time is entrepreneurship which is completely
revolutionised and transformed in a positive manner (Kabalina, Zelenova and Reshetnikova,
2019). It can be done in situation where there is proper scope for different types of organisation
in business environment. Concept of modern entrepreneurial is concept drive and path breaking.
Entrepreneur now is not following mundane approach as they are ready for purpose for
exploiting new opportunities and possibilities that can elevate success of present time and allow
business to domain globally. Traditional venture of business is completely rigid and does not
contain flexible. These business venture are not following contingency approaches in an efficient
manner. Firms of modern time are more focused with contingency and also aware for fact that
for managing higher risk present in business, an organisation needs to get different resources,
strategic plans, finance as well as manpower.
In entrepreneurial venture, it can be find out that failure of a start up business that can be
initialise in process of effectuation can be fail in low investment stage. It describe that
entrepreneur venture can get threat from low efforts, profit which can be get from business that
start from causation. Reason behind that threat can be analysed that effectuation is one of tool
which provide numbers of opportunities to as newly start business in an economy market where
they made hard efforts to get success.
It can be identified that there are major numbers of venture which are selecting
effectuation phenomena in compare to causation at time when introducing new business.
Entrepreneur which get success are focusing on development of effective alliance for getting
support and assistance in initial stage of business. It helps them to add leverage in market and
allow them to formulate better camaraderie and rapport with different marketing players. For
example, There are some organisation which are adopting strategic alliance with two or more
business venture which helps them to enhance their profitability and marketing. These
organisation includes Spotify and Uber and these get popularity in market after strategic alliance.
These strategic alliance provide benefits to both of these organisation for attainment greater
benchmark in market.
In order to make decision, business venture of today's time are more focusing on adoption
of innovative means for marketing and promotion of offering. There are different types of
entrepreneurial firm which are now not adopting traditional method as these traditional methods
are not fit to current competitive and dynamic market environment. Business environment is

becoming more aggressive as well as competitive which increase requirement of improving and
level up different retaliatory strategies of company to compete with rival companies. For this,
business ventures require to work harder for creating, implementing , formulating as well as
controlling different tactics of marketing that provide various benefits to overcome of
competition. Business in this situation, need to become more smarter and also try to optimising
business to make it more relatable, adaptable and flexible for target market. For instance, Nike
has marketing campaign which are attractive as well as innovative. In this campaign, company is
focusing on acquiring different celebrity features in their advertisement and also completing
different social media project to increase awareness of their products and service. It helps them
to persuade and attract more and more customers towards their brand and increasing popularity
of their products in marketplace.
In terms of financial decision making, entrepreneur are depended on short term advantage and
well as cost benefit analyse for company. In tradition method and old method, business is
depended on long term profitability and is not focusing on current business situation. In this,
business are experimenting different practices in a ways through which they can get more better
results and can also increase their profitability. For attainment of prominent objectives of
business, it is essential for entrepreneurial venture to implement different culture like
participative and collaborative culture in their organisation. Participating environment is one
which builds sense of communication, respect as well as initiative among working members in
business which allow them to express their viewpoints, thoughts and opinions. It create various
impact over willingness, motivation as well as engagement of employees which are investing
their time, efforts and ideas in business for purpose of attainment of organisational goal. For
instance, google is one of most recognized organisation and emphasising on adoption of
participative environment in their working environment. This organisation is offering platform to
employees where they can share their views, concern, opinions in context of company and its
operation. It is important for business ventures to ensure that they should not used basis mindset
for new employees. Upcoming entrepreneur in business are also exploring new ways to make
business more innovative and invest and also identifying new approaches for managing business.
CONCLUSION
From above mentioned project report, it can be concluded that entrepreneurship is an important
part of global business. Entrepreneur are playing an important role for growth of global business

which helps them to dedicate services and efforts for growth and success of business.
Effectuation in business leads to entrepreneur to face failure sometimes but it helps them to build
ability to eliminate, overcome and respond towards failure. Entrepreneurs are emphasising on
develop new realities with their long term vision and investing their ideas into real protection for
satisfying needs of customers in an effective manner. Current entrepreneur is more diverse in
compare to previous which helps them to be more responsible , technical advance, active,
customer led which allow them to develop new networking approaches as well as values based
offering.

REFERENCES
Books and Journals
Bouchet, P. and Sobry, C., 2019. Sports tourism: contemporary issues and new trends on a global
market. In The global sport economy (pp. 295-317). Routledge.
Chaturvedi, R. and Karri, A., 2020. Organization Design for Contemporary Organizations:
Review and Projection. Journal of Commerce and Management Thought, 11(1), pp.63-
70.
Christensen, J.F., Just, S.N. and Muhr, S.L., 2020. Hyphenated voices: The organization of
racialized subjects in contemporary Danish public debate. Organization,
p.1350508420966739.
Garnyk, L.P. and Sheianova, E.D., 2018. Islamic values in fundamental concepts of
contemporary quality management models including Halal industry (Doctoral
dissertation, Національний технічний університет" Харківський політехнічний
інститут").
Kabalina, V., Zelenova, O. and Reshetnikova, K., 2019. Contemporary human resource
management practices in Russia: Flexibility under uncertainty. International Studies of
Management & Organization, 49(4), pp.422-440.
Online
Causation and Effectuation: Toward A Theoretical Shift from Economic Inevitability to
Entrepreneurial Contingency, 2021. [Online]. Available through:
<https://www.researchgate.net/publication/228264546_Causation_and_Effectuation_Toward_A_
Theoretical_Shift_from_Economic_Inevitability_to_Entrepreneurial_Contingency>